Bitcoin price continues to trade within the confines of the current consolidation pattern as traders continue to anticipate a breakout – in either direction!
Yesterday, September 17, the price of Bitcoin (BTC) price was ranging above the 12-day and 26-day Exponential Moving Averages (EMAs). The market has been trading within the resistance level of $10338 and the support level $10273.
Bitcoin price is trading at $10,300 level as at the time of writing. On the upside, if the bulls break above the $10,300 level, the crypto’s price will rise and retest the $10,400 and $10,440 levels. On the downside, if the bulls fail to break the resistance level, Bitcoin price will decline to the $10,200 support level.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, BTCUSD price is in a range-bound movement. Notably, there is a key breakout pattern forming near the $10,200 support level. A rally above $10,400 is expected next as the price is above the 12-day and 26-day EMAs.
Conversely, if the bears increase their pressure, it might extend its decline towards the support level of $9,900.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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